Jet Airways plunges 5% as report claims Etihad may not invest further

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Jet Airways plunges 5% as report claims Etihad may not invest further

Share price of Jet Airways plunged 5.5 percent intraday on March 19 after Etihad Airways, who is the major holder in the company informed that it may invest further in the company.

Etihad Airways is said to have informed Jet Airways’ top lender State Bank of India that it won’t make any further investment in the airline. The airline may not even be part of the fundraising deal drawn up by the consortium of lenders, according to a report by The Economic Times.

Etihad Airways PJSC owns 24 percent stake in Jet Airways, may also eventually look at an exit, sources told the newspaper.

On the other hand, additional four aircraft have been grounded by the company due to non-payment of amounts outstanding to lessors under their respective lease agreements, as per BSE Release.

It took the total number of grounded aircraft to about 60.

Aviation Minister Suresh Prabhu has directed the ministry’s secretary to hold an emergency meeting on grounding of flights by the company.

At 1358 hours, Jet Airways was quoting at Rs 226.25, down Rs 10.75, or 4.54 percent on the BSE.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-03-20 06:36:05

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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